Silver vs Bitcoin: Bitcoin’s $93K Goal Shakes Commodity Markets
Crypto News- In a surprising turn of events, silver has mounted a significant comeback against Bitcoin this year, reclaiming its status as the eighth-largest asset by market capitalization.
Silver’s Resurgence: A 33.4% Rally
Since Bitcoin reached its all-time high of $73,737 on March 14, silver has surged by an impressive 33.4%, while Bitcoin has retraced by 9.5%, according to CoinGecko data.
Market Cap Battle: Silver Takes the Lead
With a market cap of $1.83 trillion, silver now surpasses Bitcoin by $500 billion, as Bitcoin’s market cap stands at $1.31 trillion. To reclaim its position, Bitcoin would need to rally by 40% to $93,000.
Gold Holds Strong: A 22.4% Increase
Not to be overshadowed, gold has also seen a significant increase of 22.4% since February 13, boasting a market cap of $16.4 trillion.
Expert Insights: Predictions Split
Experts are divided on Bitcoin’s future trajectory post its March high. Some, like analyst Dylan LeClair, note historical patterns, while others, like Mike Novogratz, anticipate a consolidation phase.
Bullish Predictions: Bitcoin’s Potential Soars
While Novogratz sees Bitcoin hovering between $55,000 and $75,000, analysts at Bitfinex predict a staggering $150,000 valuation within the next 12 months.
Driving Factors: ETFs and Post-Halving Effects
Many attribute these high predictions to the introduction of spot Bitcoin ETFs and the post-halving effect.
Market Sentiment: Greed on the Rise
With a market sentiment score of 70 out of 100, Bitcoin currently sits in the “Greed” zone on the Crypto Fear and Greed Index.
FAQs
What significant development has occurred regarding silver and Bitcoin in 2024?
Silver has experienced a remarkable resurgence against Bitcoin, reclaiming its position as the eighth-largest asset by market capitalization after slipping in March.
How much has silver rallied since Bitcoin’s peak in March?
Silver has surged impressively by 33.4% since Bitcoin reached its record high of $73,737 on March 14.
What has been Bitcoin’s movement during this period?
Conversely, Bitcoin has retraced by 9.5% during the same period, as reported by CoinGecko.
How does silver’s market cap compare to Bitcoin’s now?
Silver’s market cap currently stands at $1.83 trillion, surpassing Bitcoin by $500 billion.
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